Reports coming out of Germany over the weekend have Herbert Hainer, chief executive officer of adidas-Salomon AG, handing the reins of the adidas brand to global marketing chief Erich Stamminger, who will become president and CEO of Brand adidas. Stamminger has also been serving the last two years as interim chief of the brands North America unit.
German newspaper Sueddeutsche Zeitung said in a report that Hainer will remain CEO of the corporation, with the brand chiefs reporting directly to him. He is expected to focus his attention on integrating the Reebok International brands into the company once their planned merger is completed so the individual divisional chiefs can focus on brand-building.
The company must feel that the turnaround in the U.S. is on the right track. They announced in late November that 14-year adidas brand veteran Rob Langstaff would be appointed president of adidas America Inc. effective the first of the year. Langstaff, who has broad international experience, including several years at adidas HQ in Germany, had been running the companys Japan operation, adidas Japan K.K., since 2003.
Sports Executive Weekly has also confirmed a report in the paper that Paul Harrington, currently Reeboks SVP of international operations and chief supply chain officer, will replace Paul Fireman, Reeboks chairman, president and CEO, and serve as president and CEO of the Reebok brand. Fireman has planned to depart once the acquisition was completed.
It was unclear in the early report from Germany, but SEW assumes that TM-aG, Rockport, and Greg Norman will all report directly into Hainer. No word yet on The Hockey Co., which was being integrated into the Reebok brand under Firemans plan. That could well change under the Europeans control.
adidas-Salomon and Reebok International Ltd. entered into a definitive agreement that will see adidas-Salomon acquire all outstanding RBK shares for $59.00 per share in cash, a deal valued at approximately 3.1 billion ($3.8 billion). Reebok shareholders vote on the deal on January 25.